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Thanks, XXXXX XXXXX question, so just to confirm the house will be my main residence. Does having my Mother live there increase the capital gains I will pay when I decide to sell? The house is only worth 130,000 if that makes any difference.
Thank you for your previous answers, I feel I need to give you additional information to help clarify .........
The money I will be using to purchase this property was a gift from my Mother (she is ill and wanted me to have her assets), my final question relates to what I saw on HMRC's website regarding 'income tax and pre- owned assets'. Would this be applicable in this case, and if so, what rate would we be liable to pay?
Thank you, I am completely satisfied with your answer again, 325,000 will not be the case.